27-68 BAN - to modernize Lakewood Hospital

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ORDINANCE NO. 27-68 BY: Messrs. Kelley, ii.~her, Ward, Wendling, Gaydos, Graber, Huffman AN ~,MERGENCY ORDINANCE to provide for the issuance of a note of the City of Lakewocd, Ohio, in anticipation of the issuance of bonds to pay --' costs of modernizing the Lakewood Hospital by remodeling and improving the existing building and providing equipment and interior construction for an addition thereto. WHEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improve- ment and the maximum maturity of the bonds hereinafter referred to and of the note to be issued in anticipation of said bonds~ and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such bonds as twenty years and of such note as five years from the date of the note first issued or one year if sold privately; and WHEREAS~ this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that the ~m~ ediate issuance and sale of the note herein authorized is necessary to enable the City to provide a modern hospital facility with the ability to bring to its inhabitants the medical services necessary to safeguard the health of the community; NOW~ THEREFORE~ BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $900,000 to pay costs of modernizing the Lakewood Hospital by remodeling and improving the existing building and providing equipment and interior construction for an addition thereto. Section 2. That said bonds shall be dated approximately June l, 1969~ shall bear interest at the estimated rate of four and one-half per centum (4-1/R%) per annum~ payable semi-annually~ until the principal sum is paid, and shall mature in twenty substantially equal annual install- ments after their issuance. Section ~. That. it is necessary and this Council hereby deter- mines that a note in the principal amount of $900,000 shall be issued in anticipation of the issuance of said bonds. Section 4. That such anticipatory note shall bear interest at the rate of ~ Three and e~ghty,?five hundreths per centum ( ~..85 ~) per annum~ payable at maturity; shall be dated the date of its issuance~ and shall mature on or before one year from such date. Section 5- That such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation; shall be payable at the office of the Director of Finance, City Hall, Lakewood, Ohio; and shall express upon its face the purpose for shich it is issued and that it is issued pursuant to this ordinance. Section 6. Subject to the rejectiom of said note by the Director of Finance for investment in the Bond Retirement Fund, said note shall be and hereby is awarded and sold to Society National Bauk of Clevelaud , at the par value thereof and the Director of Finance is hereby authorized and directed to deliver said note when executed to the purchaser upon payment of such purchase price. The proceeds of such sale shall be paid into the iproper fund and used for the purpose for which said note is being issued under the provisions of this ordinance.